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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Capex's Beneish M-Score or its related term are showing as below:
BUE:CAPX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.16 Max: 1.41
Current: -2.66
During the past 13 years, the highest Beneish M-Score of Capex was 1.41. The lowest was -3.31. And the median was -2.16.
The historical data trend for Capex's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BUE:CAPX vs COP, EOG, FANG: Beneish M-Score Comparison
For the Oil & Gas E&P subindustry, Capex's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Capex Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Capex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capex's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Capex for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0757
+
0.528 * 0.7804
+
0.404 * 0.8975
+
0.892 * 1.1203
+
0.115 * 1.4726
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8559
+
4.679 * -0.058969
-
0.327 * 0.9974
=
-2.66
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(233759.201 / (233759.201 + 1403505.068))
/
(145374.343 / (145374.343 + 1354014.064))
=
0.142774
/
0.096956
=
1.4726
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(50887.274 - 0
-
149888.176)
/
1678867.378
=
-0.058969
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Capex has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Capex (BUE:CAPX) has a Beneish M-Score of -2.66 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capex and its competitors. According to the industry distribution chart, Capex ranks #412 out of 830 companies in the Oil & Gas industry, placing it in the top 49.6%.
Is Capex's Beneish M-Score too high?
Capex's current Beneish M-Score is -2.66. Based on the distribution chart, Capex ranks #412 out of 830 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Capex has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Capex's Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Capex ranks #412 out of 830 companies for Beneish M-Score. This puts Capex in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capex and its competitors. Capex's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capex stock overvalued right now?
Based on GuruFocus' analysis, Capex (BUE:CAPX) is currently considered Possible Value Trap. The stock's GF Value™ is ARS7,248.38, compared to a current price of ARS3,550.00 — trading 51% below its estimated fair value. The current Beneish M-Score is -2.66. Capex's overall GF Score™ is 69/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Capex (BUE:CAPX), the current Beneish M-Score is -2.66 as of Aug. 10, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Capex (BUE:CAPX) Overvalued in 2026?
Based on GuruFocus' analysis, Capex stock appears to be undervalued.
The current stock price of ARS3,550.00 is trading 51% below its estimated GF Value™ of ARS7,248.38.
GuruFocus considers Capex to be Possible Value Trap.
Key valuation signals for BUE:CAPX:
Beneish M-Score: -2.66
GF Value™: ARS7,248.38 vs. price of ARS3,550.00 (51% below fair value)
No single metric tells the full story. See the BUE:CAPX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Capex SA is an Argentina based company predominantly engaged in generation of electricity. It operates in the business segments of Oil and Gas which consists the exploration, production and sale of oil and gas, Energy which is engaged in electric power generation, LPG which involves the production and sale of gas derived liquid fuel, and Renewable energies segment which consists of wind electric power generation activities, Hydrogen Energy which involves generation of electric power with hydrogen activities, and Oxygen which includes the oxygen production and sale operations. It derives a majority of the revenue from the Oil and Gas segment.
69GF Score
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